CP touts “best ever” first quarter

Canadian Pacific early Wednesday reported first-quarter net income of C$217 million, or C$1.24 per diluted share, up sharply from C$142 million, or 82 Canadian cents per share, in the first quarter of 2012—a 51% improvement in earnings per share. Earnings beat Wall Street consensus estimates of C$1.21 per share for the quarter.

CP first-quarter revenue of roughly C$1.5 billion was up 9%, setting "a quarterly record," the company said. CP's operating ratio was 75.8%, a 430 basis point improvement and also a quarterly record, the company said.

"CP delivered the best first quarter results in its history despite challenging winter conditions," said CP CEO E. Hunter Harrison. "This is a true testament to the determination and perseverance of our outstanding team of railroaders. There remains a lot of work to do as we continue to make significant changes to our operating model. With a very strong start to the year and momentum quickly building, I am now even more confident that we are on pace toward the best year-end financial and operating performance in CP's history."

Harrison added, "The transformational journey of the railway continues. Through ongoing culture change and focused, disciplined execution of the plan, we will make this franchise even stronger, adding significant value to customers and shareholders."